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Powell Stays on Fed Board, Trump Attacks, Warsh Named Chair

5/2/2026

38 5 Full Breakdown

Summary

Story summary

Fed Chair Jerome Powell announced he will stay on the Federal Reserve (Fed) board after his chairmanship ends May 15.
President Donald Trump blasted Powell on Truth Social after the announcement.
Senate Banking Committee approved Kevin Warsh as the next Fed chair in a 13-11 party-line vote.
Treasury Secretary Scott Bessent said Powell’s decision violates Federal Reserve norms as the Fed kept its benchmark rate at 3.6% with an 8-4 vote.

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Story summary

Fed Chair Jerome Powell announced he will stay on the Federal Reserve (Fed) board after his chairmanship ends May 15.
President Donald Trump blasted Powell on Truth Social after the announcement.
Senate Banking Committee approved Kevin Warsh as the next Fed chair in a 13-11 party-line vote.
Treasury Secretary Scott Bessent said Powell’s decision violates Federal Reserve norms as the Fed kept its benchmark rate at 3.6% with an 8-4 vote.